FXY vs. FXF
FXY (Invesco CurrencyShares® Japanese Yen Trust) and FXF (Invesco CurrencyShares® Swiss Franc Trust) are both Currency funds from Invesco - FXY tracks the Japanese Yen while FXF tracks the Swiss Franc. Both are passively managed. Over the past 10 years, FXY returned -4.49%/yr vs 1.25%/yr for FXF. At a 0.46 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
FXY vs. FXF - Performance Comparison
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Returns By Period
In the year-to-date period, FXY achieves a -2.28% return, which is significantly lower than FXF's -0.20% return. Over the past 10 years, FXY has underperformed FXF with an annualized return of -4.49%, while FXF has yielded a comparatively higher 1.25% annualized return.
FXY
- 1D
- -0.17%
- 1M
- -1.89%
- YTD
- -2.28%
- 6M
- -3.30%
- 1Y
- -10.40%
- 3Y*
- -4.81%
- 5Y*
- -7.79%
- 10Y*
- -4.49%
FXF
- 1D
- -0.62%
- 1M
- -1.07%
- YTD
- -0.20%
- 6M
- 0.70%
- 1Y
- 3.46%
- 3Y*
- 4.38%
- 5Y*
- 2.01%
- 10Y*
- 1.25%
FXY vs. FXF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -2.28% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
FXF Invesco CurrencyShares® Swiss Franc Trust | -0.20% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
Correlation
The correlation between FXY and FXF is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2007 | 0.46 |
The correlation between FXY and FXF shifts across timeframes, from 0.46 (all time) to 0.61 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXY vs. FXF — Risk / Return Rank
FXY
FXF
FXY vs. FXF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and Invesco CurrencyShares® Swiss Franc Trust (FXF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| FXY | FXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.72 | ||
| Sortino ratioReturn per unit of downside risk | -2.62 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.09 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 0.72 | -1.66 |
| Martin ratioReturn relative to average drawdown | -1.39 | 1.62 | -3.01 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FXY | FXF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | 0.47 | -1.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.76 | 0.24 | -1.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | 0.17 | -0.65 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | 0.17 | -0.36 |
Drawdowns
FXY vs. FXF - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.03%, which is greater than FXF's maximum drawdown of -35.58%. Use the drawdown chart below to compare losses from any high point for FXY and FXF.
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Drawdown Indicators
| FXY | FXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.03% | -35.58% | -20.45% |
Max Drawdown (1Y)Largest decline over 1 year | -11.16% | -4.82% | -6.34% |
Max Drawdown (3Y)Largest decline over 3 years | -15.12% | -8.52% | -6.60% |
Max Drawdown (5Y)Largest decline over 5 years | -33.72% | -13.03% | -20.69% |
Max Drawdown (10Y)Largest decline over 10 years | -40.84% | -15.04% | -25.80% |
Current DrawdownCurrent decline from peak | -55.93% | -18.53% | -37.40% |
Average DrawdownAverage peak-to-trough decline | -27.74% | -20.84% | -6.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.50% | 2.15% | +5.35% |
Volatility
FXY vs. FXF - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 1.19%, while Invesco CurrencyShares® Swiss Franc Trust (FXF) has a volatility of 1.69%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than FXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXY | FXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 1.69% | -0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 5.75% | 5.56% | +0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.38% | 7.51% | +0.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 8.32% | +1.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.33% | 7.57% | +1.76% |
FXY vs. FXF - Expense Ratio Comparison
Both FXY and FXF have an expense ratio of 0.40%.
Dividends
FXY vs. FXF - Dividend Comparison
Neither FXY nor FXF has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.00% | 0.00% | 0.03% | 0.02% |
FXY Invesco CurrencyShares® Japanese Yen Trust | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXY and FXF have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXF has higher volatility (1.69%) compared to FXY (1.19%). In terms of maximum drawdown, FXY dropped -56.03% vs FXF's -35.58%.
On 10-year performance, FXF leads with 1.25% vs -4.49% for FXY. Both ETFs have the same 0.40% expense ratio. On volatility, FXY has been the lower-risk option at 1.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXF has performed better with a 1.25% return vs -4.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXY and FXF have the same expense ratio: 0.40% per year.
FXY and FXF have nearly identical dividend yields, around 0.00%.
FXY tracks Japanese Yen, while FXF tracks Swiss Franc.
FXF currently has the higher Sharpe Ratio (0.47 vs -1.25), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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